House Approves Reconciliation Package that Includes Significant Tax, Energy Provisions
The U.S. House of Representatives today approved a $740 billion budget reconciliation bill that includes $369 billion in clean and renewable energy provisions as well as a 15% corporate minimum tax on book income. President Joe Biden is expected to sign the bill into law today. The legislation extends the renewable energy production tax credit (PTC) and investment tax credit (ITC), and expands the 30% ITC for stand-alone energy storage and interconnection property. The House approved the bill along party lines after the Senate approved it 51-50, with Vice President Kamala Harris providing the tie-breaking vote.
A Notes from Novogradac blog post discusses how the 15% corporate minimum tax on book income may affect equity markets for community development tax incentives and an earlier blog post provided details on the green energy provisions of the legislation.
Hear more about the clean energy provisions and the implications for the tax credit community of the Inflation Reduction Act in the Aug. 23 episode of the Tax Credit Tuesday podcast. Join Novogradac at an upcoming tax credit conference to hear more about what lies ahead related to this law and other legislation expected to be considered yet this year.